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If the coronavirus’ effects on everyday life are a wave headed for the economy, so far it’s not washing up much on the shores of commercial real estate. Brokers and managers at three Sacramento brokerage offices said the effect is muted, though they said it’s also likely to change. But otherwise, brokers said, the fallout is harder to see. Ken Turton, of Turton Commercial Real Estate, said landlords of businesses tied to consumer spending, like restaurants, may start to notice tenant issues if people eat out less often to avoid potential COVID-19 infection. “We’re a service-based economy, and you have people no longer going to services,” he said.
One of Sacramento’s oldest school properties has a new owner. Originally known as Newton Booth School, the full-square-block property at 2600 V St. near Midtown Sacramento sold for $14.5 million in February, according to property records. Turton Commercial Real Estate brokered the sale, after the property was listed and then taken off the market in recent years. Brokers with Turton said they couldn’t discuss the transaction.
Less than a year after developer-builder couple Katherine Bardis-Miry and Bay Miry bought a half-block property in Midtown Sacramento, they’re moving to sell it. Turton Commercial Real Estate is listing 1725 23rd St. for $10.825 million, including a 38,400-square-foot building leased by two state of California agencies. Scott Kingston, a broker for the listing, said the couple originally bought 1725 23rd St. to place money from sales of properties elsewhere. Property records show Bardis & Miry Development Inc. bought the property at 23rd and R streets last April for $7.82 million.
An Elk Grove restaurant known for its soup dumplings is expanding to Midtown Sacramento. The locally owned Journey to the Dumpling will fill about 3,500 square feet in the Press Building, said Aaron Marchand, a Turton Commercial Real Estate broker who is handling leasing for the apartment and retail project at 21st and Q streets. The restaurant could open around the end of the year, he said.
Tenant representatives, brokers and the companies themselves say it’s not unusual during a typical economic cycle. But what is notable is rather than seeing new buildings go up to feed off demand, older buildings are getting investment to make them more attractive for those firms beating the bushes. “There’s a pretty limited opportunity to be a market differentiator,” said Aaron Marchand, a vice president at Turton Commercial Real Estate, as he led a tour through one of the buildings trying to be just that.
Technology firm Cambria Solutions is settling into its sleek new Sacramento office space at Eighth and K streets, a site that underwent a dramatic renovation. The ground floor of the office building features about 3,600 square feet of space available for either one large or two smaller restaurant tenants, or it could be some other retail use, Rodriguez said. That space is being marketed by Turton Commercial Real Estate.
A half-acre property near a hot Sacramento redevelopment site has sold. The new owner is a firm that brings new uses to existing buildings. Harris Bay, which has offices in Roseville and San Antonio, bought the single-story office building at 6409 Folsom Blvd. for $1.6 million, according to property records. Turton Commercial Real Estate handled the transaction. Zoning for the property allows a mix of uses, including residential.
A fast-growing fitness chain with a connection to actor Mark Wahlberg is planning a location in Midtown Sacramento. The website for F45 Training lists an upcoming location at 1714 21st St. in Sacramento. That’s the address of the Press Building, an apartment and retail project from SKK Developments, The Grupe Co. and DeBartolo Development. Leasing plans from Turton Commercial Real Estate show about 9,000 square feet of retail space at the Press Building.
Revisions could be in the works for 1827 Broadway in Sacramento. When developer Trondheim Properties submitted plans for the project last summer, they detailed a five-story residential/retail project called the Fitzgerald.
Rising construction costs are a big reason for Trondheim’s uncertainty, said Scott Kingston, a vice president at Turton Commercial Real Estate. Kingston, who is handling retail leasing for the Fitzgerald with Aaron Marchand of Turton, said such costs are making complex urban residential projects nearly infeasible.
In a rare availability of a large-format building, up to 140,000 square feet is available for lease in Roseville, just a few blocks from Interstate 80.
The space is in two connected buildings at 199 and 201 N. Sunrise Ave., which were built in 1980. The location was originally used for manufacturing and later as a data center, said Scott Kingston, a vice president with brokerage Turton Commercial Real Estate in Sacramento, who is representing the building’s owner.